The First Trade… Laborious night, too.

Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK(s)
o Win XP-Friendly entry
o non-xp friendly (ilinc)
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Friday’s gap down to 1920.50 ranged sideways into the noon hour, holding two tests of 1930.00. A late break to 1908.00 was recovered to retest the morning’s highs, but he close settled back around the 1920.50 open. Sellers gained no traction for their efforts.

Overnight action’s new info…
Sunday night’s open ranged sideways for awhile, but had rallied to test 1944.00 by midnight, +14 points from Friday’s close. Its reaction down into Monday’s Globex close held 1930.00 as support. Opening there last night bounced again, but even a more substantial rally has been underway up to 1961.00, +39 points from Friday’s close.

If, then…
Greeting the week with extreme sentiment is often a sentiment extreme. The gap up indicated for Tuesday’s open is attacking natural resistance at 1960.50 which the rally seems intent on testing. But there’s still room to become even more extreme up to 1963.25 and 1967.25. Testing either one at the open would be likelier to reverse back down. The likelihood for extending higher would become suspicious if pullbacks didn’t hold 1956.50.

First Trade…
Today’s bias parameters are far below, so not very relevant. I’ll have levels on-screen in the chaRTroom.